Wells Thomas, LLC is pleased to be a sponsor of the 2009 Branford Jazz Series. Every Thursday night, from July 9th through August 20th a different jazz artist will be featured in a FREE concert on the Green in Branford.
Click on the title above to be taken to the official website for more information, a complete schedule, directions and parking.
Come on out and catch some great live music and enjoy the shops and award-winning restaurants in Branford..We look forward to seeing you there!
Wednesday, July 8, 2009
Thursday, April 23, 2009
Connecticut Bill On Retirement Plans - Update
An April 15, 2009 the CT Appropriations Committee voted 30 - 24 in FAVOR of SB No. 1. Below is the language as passed by the committee.
AN ACT CONCERNING ECONOMIC SECURITY FOR CONNECTICUT FAMILIES.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (NEW) (Effective from passage) (a) As used in this section, "small employer" means a business with one hundred or fewer employees.
(b) The Comptroller shall establish a tax-qualified defined contribution retirement program to provide retirement investment plans, including, but not limited to, those created under Section 401 of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as from time to time amended, to self-employed individuals, small employers and organizations qualifying as tax-exempt pursuant to Section 501(c)(3) of said Internal Revenue Code. In administering such plan, the Comptroller shall seek to minimize costs by helping small employers, such organizations and individuals purchase retirement savings plans, arrangements and investments through economies of scale, standardization and other measures.
(c) In carrying out the provisions of this section, the Comptroller shall contract with a third-party administrator for the management of such plan or plans and shall recover from program assets expenses incurred to initiate, operate and administer the program established pursuant to subsection (a) of this section.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (NEW) (Effective from passage) (a) As used in this section, "small employer" means a business with one hundred or fewer employees.
(b) The Comptroller shall establish a tax-qualified defined contribution retirement program to provide retirement investment plans, including, but not limited to, those created under Section 401 of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as from time to time amended, to self-employed individuals, small employers and organizations qualifying as tax-exempt pursuant to Section 501(c)(3) of said Internal Revenue Code. In administering such plan, the Comptroller shall seek to minimize costs by helping small employers, such organizations and individuals purchase retirement savings plans, arrangements and investments through economies of scale, standardization and other measures.
(c) In carrying out the provisions of this section, the Comptroller shall contract with a third-party administrator for the management of such plan or plans and shall recover from program assets expenses incurred to initiate, operate and administer the program established pursuant to subsection (a) of this section.
Wells Thomas, LLC opposes this bill.
Click on the title of this article to be taken to the CT Government Website to track this bill.
Friday, April 3, 2009
Sometimes you just can't make this stuff up
Well I don't know WHY I am surprised...our local government does not seem to be in the mind-set of HELPING businesses in this state it seems. So it really should be of no surprise that, once again, a bill is being proposed for the State-Sponsored 401(k) Plan for small companies.
But wait...didn't this issue JUST come up last month?! And didn't the Commerce Committee agree it should not be pursued?
Absolutely.
This time it is being reintroduced by Senate President Pro Tempore Donald E. Williams as SB No 1, labeled fashionably: AN ACT CONCERNING ECONOMIC SECURITY FOR CONNECTICUT FAMILIES.
So...once again our fine state wants to compete with local industry. And as the financial industry is a large part of the state, what this bill is saying to others is: "Hey, the Connecticut Government doesn't have any faith in the services the institutional providers in our state offer, and we think we can do it better ourselves." Great way to instill confidence in others, don't you think?! Let's tell the rest of the country that one of our largest exports in Connecticut, the financial services industry, doesn't even have the SUPPORT of the state legislature! Great idea...
If you want to follow the latest status of the bill, click on the title of this article...it will take you to the state's site...
Friday, March 20, 2009
Bill Likely Going Nowhere
Good news! It looks like the CT Commerce Committee will NOT be voting in favor of CT SB No 971, An Act Concerning Small Company Retirement Plans. Upon further review the Committee chairs have stated that this route is not an appropriate one to take. They have asked Brian Graff of ASPPA for guidance in other alternatives, including auto-enroll IRAs.
Friday, March 13, 2009
Maybe the BEST 20 minutes in recent TV History! (or: Creamer vs. Cramer)
I've been a fan of Jon Stewart since his show on MTV in the early 90s. This past week he and Jim Cramer have been feuding publicly, and to the delight of many of us, last night Jon had Cramer on his show, "The Daily Show With Jon Stewart", and held no punches. For those of you who missed it, here are the unedited segments for your enjoyment...
Part 1 - Intro
Part 2 - The interview begins
Part 3 - The interview continues
Part 4 - The conclusion
One of the things I love about this is that Jon says, right to Cramer's face, what many of us have been thinking and wondering. And I think these clips speak volumes. All I can say is, "Jon, you're my hero..."
Thursday, February 26, 2009
Wells Thomas, LLC Is A Proud Sponsor Of The Branford Jazz Series
I am excited to announce the Wells Thomas, LLC is a 2009 Gold Sponsor of the Branford Jazz - On The Green Series, the inaugural outdoor jazz series in Branford! Click on the title above to be taken to the splash page...the website for the series should be coming live soon.
And while you're at it, check out Blue Plate Radio at http://www.blueplateradio.com/ for some great Jazz!
Update on CT Small Business Retirement Plans
A quick update on the hearing that was held on February 24th.
Brian Graff of ASPPA opened the testimony with a great visual, the 5 volume, 7000+ page ERISA Outline Book by Sal Trapodi being stacked upon the desk. In short, when Brian finished his testimony one of the co-chairs of the committee stated that there are obvious 'weaknesses' in the proposed bill, at which time Brian was asked for suggestions on alternative solutions. Brian indicated that payroll deducted IRAs is the route other states are venturing down.
In the end, a number of us testified against the proposed bill, and the sense is that the committee will not vote it through this year, but rather look at other avenues to help small companies set up some type of retirement savings plan. I am hopeful, but will continue to monitor the bill and let you know of any changes.
Thank you for those who called or emailed me with their support!
Brian Graff of ASPPA opened the testimony with a great visual, the 5 volume, 7000+ page ERISA Outline Book by Sal Trapodi being stacked upon the desk. In short, when Brian finished his testimony one of the co-chairs of the committee stated that there are obvious 'weaknesses' in the proposed bill, at which time Brian was asked for suggestions on alternative solutions. Brian indicated that payroll deducted IRAs is the route other states are venturing down.
In the end, a number of us testified against the proposed bill, and the sense is that the committee will not vote it through this year, but rather look at other avenues to help small companies set up some type of retirement savings plan. I am hopeful, but will continue to monitor the bill and let you know of any changes.
Thank you for those who called or emailed me with their support!
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